Finance 101 (May session) – Q & A | Sanjeevani 4 U

Finance 101 (May session) – Q & A

Here are the responses of the questions during session #1 of Finance 101 (Basic Finance for women) who are employed or home maker.

  • Q1 Roth IRA vs Traditional IRA

For additional details please consult your tax planner/Financial advisor.

  • Q2 Why should I shop for Car Insurance?

Your finances change over time and car insurance rates too. That’s why it can be a good idea to shop for car insurance every year to help make sure you are getting the best deal for your situation

  • Q3 Can I contribute to a Spousal IRA?

Even spouses who don’t work for pay can contribute to a spousal IRA if they file taxes jointly with a spouse who does. That means, if each spouse has an IRA, in 2020 they each can contribute up to $6,000 each year for a total of $12,000 (or $7,000 each for a total of $14,000 if they are 50 years or older).

  • Q4 What is difference between Financial Planner and an Investment Advisor?

The type of person you choose depends on your goal. If you want to create a stronger portfolio, an investment advisor who is a fiduciary may be useful.

If improving your overall financial situation is more important to you, a financial planner may be a better option.

  • Q5 As a Senior Citizen can I contribute to an IRA?

Effective January 1, 2020, in accordance with new legislation, anyone may make a traditional IRA for 2020 if they have earned income, regardless of age. Both IRAs also have no age limit for contributing. You just have to have compensation equal to or greater than your contribution.

  • Q6 What can we do during COVID Scenario for Loss of Job or Drain on Finances?

See if you are eligible for an Economic Impact Payment. Click below for details:

Economic Impact Payments | Internal Revenue Service

See if you can qualify for an online job with little or no experience . Click below for details:

No Experience? Try One of These 7 Online Jobs

  • Q7 How can I prepare for a Life Change? ( Divorce, Single Hood, Other)
    • Be Mindful
    • Take Responsibility
    • Prepare a Finance Checklist ( sample in our Webinar Presentation)
    • Educate yourself on the Basics